{"id":143475,"date":"2022-06-17T08:49:23","date_gmt":"2022-06-17T14:49:23","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=143475"},"modified":"2023-08-07T15:38:35","modified_gmt":"2023-08-07T21:38:35","slug":"ed-mylett-intention-creativity-and-success","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/ed-mylett-intention-creativity-and-success","title":{"rendered":"Ed Mylett on Intention, Creativity, and How to Succeed in Recessions"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm?e=BIGPOC5055228331&#038;light=false\" width=\"100%\"><\/iframe>  \n\n\n\n\n<p class=\"wp-block-paragraph\">Entrepreneur and author Ed Mylett just bought an island. He\u2019ll develop the 100-acre property in Maine as a legacy for his family. It\u2019ll have a golf course, a grocery store, multiple homes, and more. Mylett believes it will be the greatest property in the world. It\u2019s the kind of asset that most people can only dream about. But fortunately, he isn\u2019t shy about disclosing to hopefuls the guiding principles that led to his success.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a guest on the&nbsp;<a href=\"https:\/\/www.youtube.com\/watch?v=-H-GZgPyqI8\" target=\"_blank\" rel=\"noreferrer noopener\">BiggerPockets podcast<\/a>, Mylett explains why 2022 is the perfect time for new and smaller investors to snag lucrative real estate deals and highlights the attitudes and behaviors necessary for investors to reach their goals. Mylett himself made some of his best deals in the kind of <a href=\"https:\/\/www.biggerpockets.com\/blog\/cpi-report-paints-alarming-inflation-picture\" target=\"_blank\" rel=\"noreferrer noopener\">recessionary market<\/a> that most people think is ahead of us, and with the right mindset, he believes others can mirror his success.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Hacking Your Reticular Activating System<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">According to Mylett, the thought that your goals are far out of reach is a lie and one that people tend to perpetuate with their behavior. The reality is, he says, that \u201cYou\u2019re one decision, one new deal, one relationship, one encounter, one meeting, one podcast, one book, one thought, one new emotion from completely changing your freakin\u2019 life.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So how do you realize your goals are closer than you think? It\u2019s all about your intention and what that does to your reticular activating system.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The reticular activating system (RAS) is a bundle of nerves that brings to our attention the things that are relevant to us while filtering out what doesn\u2019t matter. It\u2019s why Mylett says he started seeing Teslas everywhere once he bought one of his own, and it\u2019s the system that lets you hear your name in a loud crowd.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The strategy for success involves setting an intention to find specific deals or reach certain goals, which gets the RAS to focus on the information that will help you fulfill your objective. It requires you to cast away self-doubt and maintain a laser focus on positive results.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As the RAS protects the brain from having to process too much information, it also leads to a phenomenon known as confirmation bias, the idea that when we believe something is true, we\u2019ll find evidence to support that belief and miss evidence to the contrary. If the culture begins to believe the market\u2019s in a tank, buyers will find deals that confirm that idea. But Mylett says if you believe there are deals to be had and that you can make great money in this market, you\u2019ll find deals that support that.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Using Collective Psychology to Your Advantage<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Following the crowd won\u2019t get you anywhere in real estate. \u201cThere\u2019s a collective psychology that drives all these markets, and that\u2019s why people collectively lose money in them,\u201d says Mylett. Part of avoiding becoming wrapped up in the crowd is setting intentions to reorient your RAS. Mylett says to ask yourself, \u201cWhat would I need to believe about this market that\u2019s true that would serve me?\u201d That\u2019ll open you up to recognizing opportunities.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For Mylett, the best current opportunities he\u2019s seeing are triple net deals with quality tenants. He recently purchased two Walgreens stores. Rather than looking at the merits of the deal&#8217;s price, he\u2019s focused on the merits of the security within the deal\u2014cash flow rather than price. The quality of the tenant is driving his decisions because he knows he can ride out price fluctuations if he has good tenants. Second-home residential properties are also a focus since he says they will be the last to get kicked in this market and the first to come back.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mylett says it\u2019s also essential for investors to be calm in a market that causes homeowners anxiety. Calmness under duress allows you to find opportunities while others are motivated by fear. \u201cI\u2019m not telling you that I love when the market turns, but I kind of love when the market turns,\u201d says Mylett. \u201cBecause when the market turns like this, believe it or not, it allows the little guy to play at a very similar level to the big guy because of their creativity and flexibility.\u201d&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Approaching Deals Creatively and Confidently<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A lot of Mylett\u2019s early success was driven by creativity. \u201cWhen the market\u2019s hot and rolling, fewer people want to get creative because they don\u2019t have to. They can get clean deals done in their own mind. So as a young person in markets like this when I didn\u2019t have a lot of capital, I was able to really navigate some very creative deals.\u201d Those included seller carrybacks, lease options, and trades.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Being creative can also mean finding sellers who overcorrect in reaction to the market because people tend to flinch when interest rates go up, or there\u2019s a fear of war, for example.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In any market, being successful means overcoming your personal fears. \u201cEquanimity is that calmness under duress, but it is also your willingness to step into environments and spaces that you don\u2019t believe you\u2019re prepared for. If you\u2019re going to wait around until you\u2019re completely prepared to do something, you are going to be waiting the rest of your life, and you are going to miss opportunities,\u201d Mylett says.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Recognizing the Power of One More<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When Mylett wrote his new book,&nbsp;<em>The Power of One More,&nbsp;<\/em>he said he wanted to write the definitive book on the thoughts and actions that congruently produce results. \u201cI put in a book everything I know about becoming happy and successful, and it\u2019s heavy,\u201d he says.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">His philosophy is, in part, inspired by his father, who suffered from alcoholism and his inability to change. Mylett says his father must have tried 100 times to get sober\u2014then he tried one more time. When Mylett asked if he would stay sober for the rest of his life, his father responded, \u201cI don\u2019t know. But I know I will stay sober for one more day.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With everything Mylett does, he always strives to do one more, whether that\u2019s one more repetition of an exercise or one more call to a realtor. \u201cIf you want to become superhuman, the standard is, I do what I say I\u2019m going to do, and I do one more,\u201d he says. It\u2019s not as if that last attempt will make the difference every time\u2014but adopting the attitude of always doing one more in every aspect of your life leads to greater opportunities.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Final Advice<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019ll make mistakes every now and then, and that\u2019s okay. Don\u2019t let it define you. \u201cWhen you attach your identity to something external, you\u2019re really risking it,\u201d he says. \u201cI don\u2019t tie my identity up in one deal or in the collective psychology of the market.\u201d Instead, set standards for yourself based on the things you can control, because you can\u2019t control the market or the interest rates.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mylett sets his clothes out in the morning and drinks a gallon of water each day\u2014small habits he can commit to that build self-confidence. \u201cOnce you build this reputation with yourself with the small things, you can point your mind like a weapon at the big things and actually believe you can do them.\u201d<\/p>\n\n\n\n<div id=\"hero-block_62ee867235a1c\" class=\"first:mt-0 hero-block py-4    has-background has-slate-300-background-color has-text-color has-slate-800-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-2\/3 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-theme-slate-color has-text-color has-large-font-size wp-block-paragraph\" style=\"font-style:normal;font-weight:800\">Prepare for a market shift<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color wp-block-paragraph\" style=\"font-size:16px\">Modify your investing tactics\u2014not only to survive an economic downturn, but to also thrive! Take any recession in stride and never be intimidated by a market shift again with <em><a class=\"rank-math-link\" href=\"https:\/\/store.biggerpockets.com\/products\/recession-proof-real-estate-investing?utm_source=blog&amp;utm_medium=blog%20banner\" target=\"_blank\">Recession-Proof Real Estate Investing<\/a><\/em>.<\/p>\n\n\n\n<div id=button-custom-event-block_64138705d4d27 class='button-custom-event'>\n      <a href=\"https:\/\/store.biggerpockets.com\/products\/recession-proof-real-estate-investing?utm_source=blog&#038;utm_medium=marketing_block\" x-on:click=\"window.analytics.track(&#039;Blog Block | Publishing: Recession Proof Book&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/ed-mylett-intention-creativity-and-success&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Get Yours Now<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/3 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/04\/recession-proof.png\" alt=\"\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Entrepreneur and author Ed Mylett just bought an island. He\u2019ll develop the 100-acre property in Maine as a legacy for his family. It\u2019ll have a golf course, a grocery store, [&hellip;]<\/p>\n","protected":false},"author":613615,"featured_media":143479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,7119],"tags":[7342],"class_list":["post-143475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-development","category-biggerpockets-daily","tag-investor-stories"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/143475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613615"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=143475"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/143475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/143479"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=143475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=143475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=143475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}